Bank of America upgrades purchasing card system
15 April 2004 | 1603 views | 0
Bank of America Global Treasury Services (GTS) has upgraded its credit card payment system for corporate customers with the integration of a new, streamlined payment technology. The new suite of tools will automate workflow processes and provide transaction information via a web-based platform, enabling clients to review and allocate transactions, keep track of purchasing records, and maneuver payments more easily. A substantial breakthrough, Bank of America can now connect an enterprise's pre-approval workflows straight through to the card network, enabling purchasing cards to become the payment vehicle of choice in business- to-business transactions.
"With this systems enhancement, traditional check-based payments, such as accounts payable items, can now be migrated to the card to improve the client's payment efficiency and profitability," said Steve Vaglio, senior vice president, U.S. Product Management. "Bank of America is proud to offer full- service leading technology to our clients from the point of implementation onward."
While previous credit card programs mandated intense interaction between banks and corporate program administrators, the Payment Manager technology simplifies that process and offers clients faster and more accurate service.
The technology upgrades will automate processes like purchase approval and pre-approval, GL (general ledger) coding, transaction-to-request matching, and remittance advice and reconciliation. These systems also process increases in funds in a matter of seconds, and allow the customers freer management of his/her account.
The system will be useful for every corporate bank customer, from those with traditional low-dollar expenses, to large-dollar purchasers. It can also be integrated with existing accounting systems, and allow new levels of flexibility and reporting.
Enabled by Works, Inc. and their Active Card Control(TM) and Active Card Integration(TM) tools, the new functionality advances GTS's commitment to providing clients with the most advanced transaction capabilities available today. In June 2003, Bank of America successfully completed its commercial portfolio conversion to TS2, a new and more robust TSYS payments processing system. The conversion made Bank of America the first major U.S. Commercial/Purchasing Card to process on the platform. It has allowed GTS greater flexibility and speed to market in rolling out product enhancements such as the new Payment Manager application.